If you think that only people who are fond of making online purchases are the only individuals who are prone to identity theft, then you should think again. Individuals, corporations and businesses are not safe when it comes to identity theft. As a matter of fact, even auto dealers are now becoming targets of identity thieves in their pursuit to make big bucks without working too hard for it.
Auto-dealers are known to engage in high-dollar transactions everyday. This fact alone makes them attractive to identity thieves thus it is essential that they take precautionary measures to protect themselves from id theft. On the average, businesses in North America alone suffer a loss of million every year and this does not even include the financial losses of individuals due to identity fraud alone.
The sad fact is that the numbers does not seem to go down despite the many identity theft protection schemes that have been developed. Of course, protecting yourself and your business against identity theft requires that you focus your attention to the two-pronged approach to protect their company from identity theft. Knowing the dynamics of identity theft and how it is being carried out is always the first step. The second involves taking the necessary steps from preventing id theft from happening.
So how does identity theft happen?
You can start your identity theft protection scheme by knowing the weak points of your businesses. For auto dealers, it is imperative that they properly screen each applicant before any vehicle is sold to the individual. A quick glance on the buyer`s driver`s license or a quick call to the credit card company would not suffice to confirm the true identity of the person who is planning to buy a car in your showroom.
One weak point about auto dealers is that they are so focused in closing the deal that they tend to ignore red flags in the process of verifying information about the potential client. Sales are indeed important, however, protecting the company that any auto dealer represents should be foremost in their priorities.
After the fraudulent purchase has been made, the individual whose identity was stolen to secure the purchase will come to the company`s door and demand that the sales be immediately terminated. This could then make the auto dealer`s job compromised and the company could then suffer from a lawsuit that may be filed by the victim of identity fraud.
So how do you protect your company?
The protection from id theft should be secured at the point of purchase. There are several software available online that can be utilized by the company to confirm the identity of any potential buyer. The software may make the entire process of securing the deal take a while longer than usual, but the benefits that you can reap will always be worth it.
Also, it is imperative that auto dealers perform an intensive background check of their potential client. Bogus identification documents can be easily manufactured and it is only essential that the car company should see pass through it to avoid being victims of identity theft.
Auto Dealers and Identity Theft
Tina L. Douglas is a skilled writer from California. With numerous experiences in the field of writing for several financial institutions, she is greatly qualified across a variety of economic issues. Her notable pieces of writing involve identity theft.